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WEEKLY
AGRI REPORT

Spices Positive On Bargain Buying!!


05th April 2010 to 10th Apr 2010
Weekly Report Agri
05th April to 10th Apr 2010
RESEARCH

JEERA
JEERA IN DECLINING MODE ON LACK OF MARKET CUES REASONS FOR MOVEMENT IN JEERA
As per expectations, jeera futures maintained its downtrend for one High Production
more consecutive week due to lack of cues from the major market. The
Weak Export Demand
fundamental factor of higher crop production expectations is also
assisting the fall in prices. Weak export demand is another factor
leading to fall in prices. Supported by the bearish factors of higher
production expectations and slack export demand, jeera futures are Weekly Pivots
likely to trade sideways to lower for the next week. Jeera prices have
fallen by nearly 8% in last eight sessions, which might lead to some SCRIPT JEERA
short covering. According to market sources, saurashtra another major R4 14212
market for jeera is also closed till 05 april due to financial year closing R3 13442
activities. Jeera crop for 2010 is expected 10-15% higher as compared R2 12672
to last year to nearly 1.7 lakh tones. Spot rate at the major market of R1 12385
unjha has been hovering in the range of rs.11,600-11,650 per quintal P 11902
as on saturday, the last reported day. S1 11615
S2 11132
S3 10362
S4 9592
JEERA (Weekly Chart)

Overall trend of Jeera is bearish and it was under selling pressure for most of the days last week, but some good buying and
short covering was seen on Saturday. For the upcoming week jeera has an important support of 10900 and resistance of
12650.
Strategy
Jeera is bearish on charts and one should use the strategy of working on major supports and resistance levels, if in the coming
week Jeera sustains below the level of 10900 then we can expect a level of 10650, and if it sustains above 12650 we can see
the level of 13050.
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Weekly Report Agri
05th April to 10th Apr 2010
RESEARCH

GUARSEED
GUAR SEED GAINS ON RISING SPOT PRICES REASONS FOR MOVEMENT IN GUARSEED
Guar seed futures traded sideways to higher during last week's trading Rising Spot Prices
sessions taking cues from the gaining spot rate. Prevailing hot weather Hot Weather Conditions
condition across north india is also leading to rise in prices. Spot rate
has also gone up further by rs28 per quintal to rs.2,311 per quintal for
guar seed at the jodhpur market. However, guar gum spot rate
tumbled by rs30 per quintal to rs.4530 per quintal. Guar seed and guar Weekly Pivots
gum futures are expected to trade on a positive note during the next
week supported by prevailing hot weather across north india. Demand SCRIPT GUARSEED
for guar seed is also expected to increase further and hence the R4 2626
uptrend in prices is likely to be maintained for now. Supplies are R3 2522
remaining limited in the physical markets these days as this is the lean R2 2418
season and the new crop will come after few months. R1 2379
P 2314
S1 2275
S2 2210
S3 2106
S4 2002

GUARSEED (Weekly Chart)

Last week we saw that Guar seed traded in a range for most of the week, but it was not sustaining at lower levels and we saw
some good buying coming on Saturday. For the next week resistance is found at 2425 level and supports at 2215.
Strategy
Guarseed is still in consolidation, and one should go for buying on lower levels strategy, if it sustains above the level of 2425 we
can see the level of 2535, and below 2215 it can make further downside rally with the target of 2140.
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Weekly Report Agri
05th April to 10th Apr 2010
RESEARCH

SOYBEAN
SOYBEAN GAIN ON GLOBAL SUPPORT REASONS FOR MOVEMENT IN SOYABEAN
APRIL SOYBEAN FUTURES MOVED SLIGHTLY HIGHER ON THE FIRM OVERSEAS
Bargain Buying
MARKET DUE TO STRIKE BY SOYBEAN EXPORTERS/FARMERS IN ARGENTINA.
Firm Overseas Market
HOWEVER, IT COULD NOT SUSTAINED HIGHER LEVELS AND FELL SHARPLY ON
ACCOUNT OF HIGHER ESTIMATES FOR ARGENTINA'S AND US SOYBEAN THIS
YEAR AS COMPARED TO LAST YEAR. THE USDA RELEASE OF A QUARTERLY
SOYBEAN STOCKS NUMBER THAT IS SUBSTANTIALLY LARGER THAN TRADERS
HAD ANTICIPATED. THE USDA PEGGED SOYBEAN STOCKS AS ON 01/03/10 Weekly Pivots
AT 1.27 BILLION BUSHELS WHICH WAS ABOUT 65 MILLION BUSHELS.
SCRIPT SOYABEAN
PLANTING INTENSIONS FOR US SOYBEANS CAME AT 78.098 MILLION ACRES
THIS YEAR AS COMPARED TO LAST YEAR'S PLANTED AREA FOR SOYBEAN R4 2220
WAS 77.5 MILLION. SOYBEAN PRICES ARE EXPECTED TO TRADE LOWER ON R3 2147
HUGE LOSSES IN SOYBEAN FUTURES AT CBOT DUE TO HIGHER US PLANTING R2 2074
INTENSION FOR SOYBEAN THIS YEAR AS COMPARED TO LAST YEAR (FOR
R1 2039
SHORT TERM). HOWEVER, IN THE LONG TERM PERSPECTIVE, SOYBEAN
P 2001
PRICES ARE EXPECTED TO TRADE LOWER ON HIGHER GLOBAL SOYBEAN
PRODUCTION ESTIMATE THIS YEAR AS COMPARED TO LAST YEAR. S1 1966
S2 1928
S3 1855
S4 1782

SOYABEAN (Weekly Chart)

Soybean has been in a very tight range for the entire last week and it neither was able to sustain at higher level nor at lower. For
the next week support in Soybean is found at 1910 and resistance at 2175.

Strategy
Soybean is in consolidation and one should look for selling opportunities at higher levels, if it sustains below the level of 1880
we can see the level of 1780, and on the upper side if it sustains above the level of 2175 we can see soybean at 2240 level.
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Weekly Report Agri
05th April to 10th Apr 2010
RESEARCH

CHANA
CHANA ENDS LOWER ON ARRIVAL PRESSURE REASONS FOR MOVEMENT IN CHANA
Chana futures ended lower during friday's session on arrival pressure. The High Arrival
most active april contract on ncdex traded in a range of 2282 to 2312 Good Demand
levels and ended the session at 2289 levels with a negative change of 0.82
per cent. Chana futures are expected to maintain its negative trend initially
during the next week on arrivals pressure, but may reverse its trend in later
part of the week as there is still good demand in the market. Arrivals in Weekly Pivots
madhya pradesh and delhi are rising sharply to the extent of 70 to 80
SCRIPT CHANA
trucks compared to 45 to 50 trucks during last week. Though there is a
market talk of rajasthan government easing stock limits on chana, the R4 2848
government has not yet announced its decision. If the government eases R3 2699
stock limits on chana, prices are expected to go up on stockiest demand. R2 2550
The industry has been urging the government to raise the stock turnover R1 2486
limit to 45 days from the current 30 days to facilitate the movement of P 2401
goods within the state. S1 2337
S2 2252
S3 2103
S4 1954

CHANA (Weekly Chart)

Chana remained in bullish mode for a consecutive second week, though some profit booking came on the last two days of the
previous week. For the coming week Chana has resistance at 2490 and support at 2250.
Strategy
One should go for buying at lower levels strategy in Chana for the coming week and if it sustains above 2490 one can see the
level of 2550 and below 2250 it can be further bearish till 2180 level.
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Weekly Report Agri
05th April to 10th Apr 2010
RESEARCH

Weekly Pivots

Script R3 R2 R1 PP S1 S2 S3
JEERA 12868.00 12672.67 12385.33 11902.67 11615.33 11132.67 10845.33

TURMERIC 12375.00 12025.00 11675.00 10975.00 10625.00 9925.00 9575.00

PEPPER 17243.00 16935.67 16305.33 15367.67 14737.33 13799.67 13169.33

SOYABEAN 2077.50 2074.17 2039.33 2001.17 1966.33 1928.17 1893.33

GUARGUM 5038.00 4970.00 4885.00 4732.00 4647.00 4494.00 4409.00

GUARSEED 2445.00 2418.33 2379.67 2314.33 2275.67 2210.33 2171.67

CHANA 2521.00 2517.33 2469.67 2418.33 2370.67 2319.33 2271.67

Script R3 R2 R1 PP S1 S2 S3
MUSTARD SEED 533.85 528.85 522.90 511.95 506.00 495.05 489.10

WHEAT 1184.20 1171.67 1156.13 1128.07 1112.53 1084.47 1068.93

GUR 1142.40 1156.47 1102.93 1063.47 1009.93 970.47 916.93

CARDAMOM 1328.20 1323.20 1302.80 1277.40 1257.00 1231.60 1211.20

CRUDE PALM OIL 370.30 369.30 366.80 363.30 360.80 357.30 354.80
REFINED SOYA
459.30 459.58 454.42 449.53 444.37 439.48 434.32
OIL
MENTHA OIL 683.70 675.73 661.37 639.03 624.67 602.33 587.97

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Weekly Report Agri
05th April to 10th Apr 2010
RESEARCH

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